Asia Session Bid Lifts ONDO Past $0.42 as Tokenised Treasury Pilot Reframes Yield Trade
HONG KONG — Asian desks did the early lifting on Ondo Finance again on Monday, pushing the protocol's native token up roughly eight per cent before the European open and extending a weekly rally that has carried ONDO close to…
Key takeaways
- ONDO rose roughly eight per cent during the Asian session on Monday and was trading near $0.4267 by the New York open, extending a weekly rally of close to fifty per cent.
- The rally's catalyst is a settlement by Ondo Finance, J.P. Morgan, Mastercard and Ripple of what they describe as the first end-to-end tokenised settlement of a short-dated US Treasury bill.
- Derivatives positioning is cautious: ONDO perpetual open interest rose about five per cent in 24 hours to around $213.8 million while funding turned negative at roughly minus 0.0065 per cent and the long-to-short ratio sat below parity at 0.95.
- Chart structure favours buyers, with price above the 200-period EMA near $0.4022, MACD above its signal line and RSI around 66.
- A daily close above the $0.4524 resistance would open the $0.50 psychological level and then the $0.5625 print from November 17.
HONG KONG — Asian desks did the early lifting on Ondo Finance again on Monday, pushing the protocol's native token up roughly eight per cent before the European open and extending a weekly rally that has carried ONDO close to fifty per cent higher. By the time New York walked in, the token was changing hands near $0.4267, a level that puts a clean break of the $0.50 handle within a single decent session.
The catalyst is the kind of plumbing story that tends to register first across the Pacific. Ondo, J.P. Morgan, Mastercard and Ripple last week pushed through what they describe as the first end-to-end tokenised settlement of a short-dated US Treasury bill — a piece of regulated debt moving on rails that, until recently, mainstream institutions treated as a curiosity. For yield-starved allocators in Singapore, Tokyo and Seoul who already route dollar exposure through tokenised money-market wrappers, the read is straightforward: the on-chain T-bill complex is graduating from prototype to product, and Ondo is positioned as one of its preferred conduits.
That structural bid is doing battle with a more cautious tape. Open interest in ONDO perpetuals on offshore venues has risen another five per cent in twenty-four hours to around $213.8 million, according to CoinGlass, but the funding rate has flipped negative to roughly minus 0.0065 per cent. Traders, in other words, are paying up to be short. The long-to-short ratio sits below parity at 0.95, an unusual configuration for a token that has just printed a fifty per cent week, and the kind of asymmetry Hong Kong prop desks tend to read as a fade setup waiting for an excuse.
Chart structure still favours the buyers. On the four-hour candles, price trades above the 200-period EMA near $0.4022, with the 100- and 50-day averages clustered around $0.31 and $0.299 and curling upward toward a golden cross. The MACD remains above its signal line; RSI around 66 is firm without being stretched. A daily close above the $0.4524 resistance — last defended in early January — would open the $0.50 psychological line and, beyond it, the $0.5625 print left behind on November 17.
The downside map is equally clean. A flush back through the 200-EMA would test the durability of the breakout; failure there exposes the $0.31 demand shelf and, behind it, $0.299, where the broader bullish structure would start to fray. Regional allocators positioning around the tokenised-Treasury narrative will be watching whether the Asia bid that has powered the move can absorb the offshore short interest, or whether funding finally wins the argument.